Mobile payments/bankingCategory

Online deals become more and more popular now. There are almost 5 billion mobile device owners and a lot of them use virtual money. According to Deloitte, 31% of people from 18 to 24 years old use mobile payments frequently. It rises to 36% for the group from 25 to 34 years old, meaning that more than 2/3 of young population are familiar with online transactions! (more…)

Small businesses in Canada are ready for more payment options, according to a new Payments Canada survey. Businesses want more choice for their customers at point-of-sale and more options for their back-office payments to suppliers and vendors, such as e-transfers, e-wallets and digital currencies. (more…)

It seemed next to impossible when the thought of digitalizing the economy floated the market. India has always been a budding market and even today the country enjoys 97% of its transaction in cash. The situation was put to test in the market when the whole country which was banking on cash was forced to depend on other avenues as 86% of the cash in the market was withdrawn overnight. (more…)

The traditional banking landscape has been dominated by the same banks for a considerable amount of time. The “Big Four”, combined with a few others, have created an oligopoly that remained unchallenged for years. The emergence of fintech and fintech companies represents a new threat to traditional banking and an increase in consumer choice. In fact 2017 saw more money invested in the UK fintech market than anywhere else in Europe, despite the concerns over Brexit. (more…)

Lydia, the French mobile payments firm, announced this week it has raised €13 million through its latest funding round, which was led by CNP Assurances with participation from XAnge, New Alpha AM, Oddo BHF and Groupe Duval. The company reported it plans to use the latest funds (which brings its total funding to €23 million) to continue acceleration of cashless payments in Europe. (more…)

In another example of Starling Bank jumping on the Open Banking/PSD2 train before legislation in the U.K. and Europe next year will force banks to do so, it is launching its latest API partnership: this time with Yoyo Wallet, the U.K.-based mobile payment and loyalty platform. (more…)

SumUp, the leading financial technology provider, and BancoEstado de Chile, the largest national bank of Chile, today announce the launch of a joint venture offering mobile card acceptance to small businesses. (more…)

Curve, the London fintech startup that lets you consolidate all your bank cards into a single card and track your spending, has partnered with accounting software Xero to remove much of the friction involved in filing expenses. The move is part of the newly-launched ‘Curve Connect’ feature that will see Curve connect to a growing list of third-party apps and services to make managing your money easier. (more…)

Square, the fintech startup headed by Twitter founder Jack Dorsey, has made an official application in the US for a banking license, ending months of speculation about its plans but also reigniting the argument about the use of industrial loans charters (ILCs). (more…)

Ninety percent of Singaporeans surveyed by online payments giant PayPal say they prefer to use cash as their primary mode of payment, with only a small percentage using online payments regularly.

The preference for cash in Singapore was followed in popularity by other traditional payment methods such as bank transfers or internet banking at 74 percent, with 61 percent saying they prefer credit cards.

Despite these preferences, only 43 percent use cash regularly, citing problems such as having insufficient cash on hand and long queues at ATMs.

Rapid growth in the use of contactless cards means cash will be overtaken as Britain’s most frequently used payment method by the end of 2018, according to a new report. This latest forecast still does not herald the demise of cash – even in ten years’ time it is still expected to make up 21% of all payments. (more…)

Millions more smartphone users in Africa will now have access to basic banking services like borrowing and saving as the popular mobile financial service platform M-Pesa expands to cover more countries. (more…)

Intelligentpos by iZettle, the leading provider of EPOS to the hospitality and retail industry, today launches Order & Pay, a mobile app that lets customers pre-order and pay for products prior to collection. (more…)

Global card purchase volume for goods and services, which excludes cash advances on credit cards and cash withdrawals on debit cards across the global card networks, grew by 5.8% to $20.606 trillion in 2016, according to The Nilson Report. (more…)

It seems that mobile payments are finding perfect harmony with concertgoers. The latest mPOS Tracker™ catches up with Ben Taylor, COO of Front Gate Tickets, on how the company is using RFID technology to take concerts cashless. This issue digs into the many moves by mobile payment technology providers like Square, as they set their sights on new markets and new payment experiences. Find all that, plus rankings of 271 top players in the space, inside this month’s issue.

Shopify Inc. (SHOP)(SHOP.TO), the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses, today announced its new free Chip and Swipe card reader for in-person selling. (more…)